How does Machine Learning improve Fraud Detection and Prevention?

R. Guha – Head Corporate Business, Development, Apollo Platform, Wipro Limited Big Data techniques can enhance risk management through improved detection of frauds and violations of compliance controls – I spoke about it here earlier. In our deployments across process areas and industry domains, we have seen that advanced machine learning algorithms are vital to boost accuracy of alerts and achieve outcomes that can be actioned upon. Let me walk through why this is relevant. The traditional approach Traditionally, a rule based regime in the form of logical statements or summation of weights for various conditions has been used. Taking the example of the payments function, this exercise can take the form of creating a risk scorecard as follows a) If vendor is less than 6 months old, add 5…